Member Info for highlandmatt

Wacky - or 3. We've found something that points to the possibility of something huge, but nothing proven yet.

In your analogy, we haven't found a gold bar, but a treasure map.

Just to add the most pertinent bit. Current MCap is £14m. Which gives room for potential upside.

I've put 'no opinion' on this deliberately.

1. T&T - secured exclusive supply of liquid CO2. Successful pilot scheme. Generated income. Supported by T&T Gov. New JV underway on new field.

2. Ireland - secured licence areas, and developed proposal to meet grid demands. Potential new opportunity just announced.

3. Morocco - secured licence area. Drilled first well, which may be commercial. CPR likely to be increased.

4. Comms - frequent, but usually technical in nature.

5. Balance sheet - no debt. Recent raises mean cash in bank, but prob not enough at the moment for drilling next well.

Now, for a small team, that is a lot achieved in a short period of time, that also includes a pandemic. Decent track record of performance in my opinion. The biggest complaint seems to be that PG doesn't 'big up' things that haven't happened, and only releases facts, some of which are hard to interpret.

GRH - That would obviously be great, and what we are hoping for, but what leads you to state 'discovery of a monster'? Surely this has to wait for either an RNS stating 'commercial discovery' or the CPR? We've variously inferred a potential of more than a TCF, but that already in the existing CPR?

TT - you are right. It was the sentence referring to workovers, but rereading it, I think it is saying they haven't had the opportunity due to Covid. I stand corrected. That's what you get for skim reading. Cheers.

I think it is, Croxie. Who, how and how much remains to be seen, but PG is wheeling and dealing in the background. Does that mean he considers T&T EOR mature? The RNS implies it's not as efficient as it could be. Ireland is intriguing, talking about a producing asset. What is clear, is there is more to come from Morocco. The MCap is ridiculously low for all the assets and opportunities. I've had another top-up.

'Zea Servant', as opposed to 'Sea Serpent' (the Krakken)?

I should expand the last sentence. You were extolling PRD on the Block board, encouraging folk to sell there, to buy here.

Johnny -

1. Director sells - he ran the project yet mindless ulls think it was a success? - Do you know why he sold?
2. Down 300% - er, check your maths!
3. TW smells blood and takes aim. - you mean like a shark, and this is an opportunity, for what? Stock bashing to get a low entry?
4. Hidden investments - such as?
5. Arato truth will soon come out and it's not good - it's already out and history.
6. Trin clearly not gone to plan silence speaks volumes - if there is silence, what evidence do you have for how it is going?!

Sorry, but that is just FUD slinging, hoping some of it will stick. You were extolling the virtues of PRD in April.

Plenty of demand for shares. So either the MMs or someone else believes this has potential.

What do we know about the rig? If SDX have been using it for shallow targets, was it used as it was available close and cheap, but found not to be able to handle what was found? Right, I'm off out for the day.

Hi everyone,

I'm crunching my way through the various presentations, annual report and CPR. A couple of observations/questions so far:-

1. The July 2020 presentation states targets down to 2000m depth in TGB1 sands, same as the GRF-1 well. However, I cannot find any reference to MOU-1 hitting this depth. RNS just states:-

TGB-2 target successfully reached according to pre-drill prognosis.
Higher log resistivity and dry gas readings in TGB-2 unit over a gross interval of 75 metres despite significant increase in mud weight required whilst drilling.
Perforating and testing warranted to evaluate commercial flow potential.

The lowest depth I can find is logs were run to 1487m. So.....did we not make TD due to high pressures ('significant increase in mud weight')? Is this why there is a reference to 'safe completion'? Or did we make TD, but the deeper TGB1 zones were empty? Does anyone know how deep MOU-1 got?

2. GRF-1 recorded 0.1-0.5% C1, with 0.23% in TGB-2a. Anchois (offshore) is apparently 0.23% (in 2020 pres). MOU-1 is 0.7-1.5%.

3. Shallower, above 1100m. MOU-1 recorded up to 3.8%. Are these the targets mentioned in this statement 'whilst adding some additional potential shallow targets that had previously not been considered'?

I'm left wanting to understand geology better. There seems to be a number of positive indicators, but I don't know enough to piece them together. But I bet PG does. Does anyone else get the feeling he's gone quiet because he's trying to prove something?

I'm going to bed now. More reading to be done over coming days I think.

Thanks GRH. Yes, I've read the 2012 SLR CPR and company presentations, but will do so again in more detail. What struck me then was how little activity there has been in the area, and most of it looking for things to mine (like coal). Not sure when I'll have a few hours of time uninterrupted, but I'll add it to my list of things to do! Cheers and have good evening and weekend.

Thanks for this GRH. Unfortunately some have more time than others, and some have better access to various info than others. I'm always willing to do reading around my (potential) investments, but could you at least give us a clue as to which document we should read? Is it one published by PRD? If so, when? Many thanks for all your help.

I wonder whether PG rang ONHYM to request his million back, as he's now moving to Appraisal, and was told he had to prove the discovery first. Hence the rapid placing?

Thanks GRH. I think no-one has tried to revise the maths, as we don't doubt that could be the size of the prize if the best case scenario is hit. The question is what will PRD find and how quickly i.e. how many wells? 75m of dry gas pay across 60km2 would be fantastic, but is it more likely that there are a series of traps? Is MOU1 not a reservoir trap, but instead a channel with the gas migrating to traps elsewhere? Eagerly awaiting the next piece of info from PG. I have a feeling he is a very busy boy studying the info, talking to ONHYM, SDX for another loan of the rig etc. All still to play for, and with the low mcap underpinned by T&T, a great risk/reward play.

If there is to be an Appraisal Well, is the next well definitely going to be MOU-4, or another location?

I've reread the last RNS, that got buried beneath the wave of posts on here. Bullet highlights:-
Operational highlights
· MOU-1 TGB-2 target successfully penetrated at 1229 metres TVD MD.
· Gross section of 75 metres corresponds to pre-drill seismic "bright spot" with increased resistivity log response and formation gas show.
· TGB-2 now interpreted as western distal limit of the MOU-4 submarine fan ("MOU-4 Target")
· Potential for structural/stratigraphic trap of up to 60 km²
· Proposed forward plans to include rigless testing and preparations for an appraisal well
· MOU-1 establishes a basis for commercial joint venture discussions with gas-offtakers in the Moroccan industrial sector

Now, I'm no expert, but that all looks positive to me. 'Appraisal Well' has a defined meaning, and follows a 'discovery'.

Agreed Trifle.

It makes sense if he can sell at 7p and buy back at 2.5p, thereby increasing his holding for the same cash. There is still dilution, whether the company issues new shares to Ron or via a placing. But I do see the finesse of Ron raising funds from selling existing shares.